The location provides easy access to Wat Arun (6 minute walk), Wat Pho and Grand Palace (other side of river by ferry from Wat Arun). I also found that the ferry service conveniently provides service to many other parts of Bangkok.
The location is not for those looking for luxury. But if you want to experience the ‘real’ Bangkok this place is for you: the narrow streets with the families hanging out, restaurants where the locals eat (you have to try the sticky rice with mango at the corner restaurant), the boats going out in the morning and returning in the evening, the hospitality of the host.